Australia’s third largest bank, NAB, has today hiked fixed rates for the third time in just over five weeks – closing the door on the last big four rate under 2 per cent.
NAB increased its owner-occupier and investor fixed rates by up to 0.50 per cent, including its 1-year fixed rate, which was previously 1.99 per cent.
NAB hikes for owner-occupiers paying principal and interest
Please contact us for interest only and investor rate changes
|Loan||Old rate||New rate||Change||Monthly repayments – difference|
Note: Above rates are for owner-occupiers paying principal and interest on a package rate with an annual fee of $395. Monthly repayments are based on a $500,000, 30-year loan over the fixed rate term.
Previous NAB owner-occupier fixed rate hikes:
- October 27: increased 2- to 5-year fixed rates by up to 0.20 per cent.
- November 11: increased 2- to 5-year fixed rates by up to 0.51 per cent.
Lenders that have moved at least one rate in the last 1 month (3 November to 2 December 2021)
|Lenders that have cut||Lenders that have hiked|
Source: RateCity.com.au. Note: A number of lenders have changed multiple home loan rates
RateCity.com.au research director, Sally Tindall, said: “NAB was the last big four bank to hang on to a rate starting with a ‘1’, but the bank has succumbed to funding pressures just like its rivals.”
“The number of fixed rates under 2 per cent is fast disappearing,” she said.
“Six months ago, there were 166 fixed rates starting with a ‘1’, and now there are just 78, and the exodus is far from over.
“Borrowers who had already fixed their loans with NAB will be breathing a sigh of relief at this news, but it will be a very different situation when they come off their fixed rates.
“People looking to re-fix their loan in one- or two-years’ time are likely to be looking at rates starting with a ‘3’,” she said.
Lowest big four bank owner-occupier home loan rates
Source: RateCity.com.au. Note: CBA and Westpac rates are for a loan to value ratio of up to 70%.
Lowest rates on the RateCity.com.au database
|1yr fixed||Greater Bank, Bank of Us|
|2yr fixed||Beyond Bank|
|3yr fixed||MOVE Bank|
|4yr fixed||BankVic, Southern Cross CU,
Credit Union SA
|5yr fixed||BankVic, QBank|
|Variable||Reduce Home Loans|
Source: RateCity.com.au Note: Rates are for owner-occupiers paying principal and interest. Some LVR requirements apply.